These documents were later issued to bankers who are granting medium-term credit facilities to the authorities.

The enhanced mobility of dollar funds and other short- and medium-term credit enlarged opportunities for commercial enterprises.

To satisfy the requirements of investing companies, Société Générale created a subsidiary, Calif, specialised in medium-term credit in 1928.

Under its terms, Chinese purchases of industrial plants were to be financed partly through medium-term credits from Japan Export-Import Bank (JEXIM).

The funds deposited with the EMCF can be used for supporting the currency grid of exchange rates between member countries as well as the provision of medium-term credit facilities.

The community, which will obviously gain from the Soviets' conclusion of the conventional arms treaty, can in turn offer them a substantial, five-year grain and meat agreement, selling its farm surpluses on medium-term credit.

Nationale Handelsbank also changed its name to Nationale Bank voor Middellang Krediet (National Bank for Medium-Term Credit).

The Government has stuffed the authority so full of cash -it is being privatised with £242m of cash in its balance sheet (equivalent to more than £140 for every person in the region)- that it does not need any medium-term credit facilities.